Western Economic Association International Encouraging Excellence in Economics Since 1922

Welcometo the 9th Biennial PACIFIC RIM CONFERENCE April 26-29, 2011 Brisbane, Australia

Generously hosted by 2011 Pacific Rim Conference Program Committee

CHAIRMEN Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Tim Robinson, Queensland University of Technology

COMMITTEE MEMBERS Michael P. Cameron, University of Waikato Yutien Chen, California State University, Long Beach Adam Clements, Queensland University of Technology Uwe Dulleck, Queensland University of Technology Tao-Tony Fang, York University, and University of Toronto Elaine Frey, California State University, Long Beach Partha Gangopadhyay, University of Western Sydney Dustin Garrick, CSIRO, and University of South Australia John K. Gibson, University of Waikato John R. Graham, University of Calgary Thorvaldur Gylfason, University of Iceland Eduard H. Hochreiter, Joint Vienna Institute Jack W. Hou, California State University, Long Beach Stan Hurn, Queensland University of Technology Faridul Islam, Utah Valley University Won W. Koo, North Dakota State University Boon L. Lee, Queensland University of Technology Steven Lim, University of Waikato Robert E. Lipsey, National Bureau of Economic Research, and City University of New York Wade E. Martin, California State University, Long Beach Victor Matheson, College of the Holy Cross Chen Feng Ng, California State University, Long Beach Eric D. Ramstetter, ICSEAD Ronald A. Ratti, University of Western Sydney Anna Strutt, University of Waikato Tommy Tang, Queensland University of Technology Binh Tran-Nam, University of New South Wales Clevo I. Wilson, Queensland University of Technology

The organizers are grateful for the support from the School of Economics and Finance at the University of Western Sydney and from the Australian School of Business at the University of New South Wales in organizing the sessions in honour of Murray Kemp.

WEAI extends its gratitude to Angela Fletcher of QUT for her expertise and attention to detail in the onsite planning and staging of the conference.

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Conferenceat a glance Sessions

Key for Participating Organizations AARES .... Australian Agricultural and Resource Economics Society CEP ...... Contemporary Economic Policy NAASE .... North American Association of Sports Economists

Sessions without an organizer listed are volunteer sessions assembled by a Screening Committee, Session Consultants, and the WEAI Executive Office from individual volunteer submissions.

Tuesday, April 26

Registration and Coffee 8:30 a.m. Refreshments will be available throughout the day in the Z block foyer.

Conference Welcome — Z411 9:15–9:45 a.m.

Concurrent Sessions 10:00–11:45 a.m. [1] SESSIONS IN HONOUR OF MURRAY KEMP: HISTORY OF ECONOMIC THOUGHT Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales [2] INNOVATION IN TEACHING UNDERGRADUATE ECONOMICS Organizer: Michael P. Cameron, University of Waikato [3] FOREIGN DIRECT INVESTMENT [4] SPORTS ECONOMICS I—GENDER AND PARTICIPATION IN SPORTS (NAASE) Organizer: Victor Matheson, College of the Holy Cross [5] PRODUCTIVITY, GROWTH, AND MIGRATION [6] FISHERIES, FORESTS, AND SPECIES SURVIVAL (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International [7] DEVELOPMENT AND SOCIETY (CEP) Organizer: Jack W. Hou, California State University, Long Beach [8] GROUNDWATER (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International

Lunch Break — Z block foyer 11:45 a.m.–12:45 p.m.

Concurrent Sessions 12:45–2:30 p.m. [9] SESSIONS IN HONOUR OF MURRAY KEMP: TRADE THEORY Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales [10] INTERNATIONAL ECONOMIC DEVELOPMENT ISSUES Organizer: Anna Strutt, University of Waikato

3 [11] MACROECONOMICS [12] CHILD WELFARE AND LABOR [13] SPORTS ECONOMICS II—VICES: DRUGS, VIOLENCE AND GAMBLING IN SPORTS (NAASE) Organizer: Victor Matheson, College of the Holy Cross [14] ECONOMIC GROWTH AND SUSTAINABLE LIVELIHOODS IN ASIA Organizer: Steven Lim, University of Waikato [15] SUSTAINABILITY, AGRICULTURE, AND RANGELANDS (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International [16] CHINA: FINANCIAL, GLOBALIZATION, AND UNIONS (CEP) Organizers: Jack W. Hou, California State University, Long Beach, and Tao-Tony Fang, York University, and University of Toronto [17] CALIFORNIA WATER ISSUES (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International

Concurrent Sessions 2:45–4:30 p.m. [18] SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMICS OF POSITIONAL GOODS AND SOCIAL CONSUMPTION Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales [19] PUBLIC POLICY AND FINANCIAL CRISIS [20] TAX, IMPORT, AND CURRENCY [21] INEQUALITY, POVERTY AND HEALTH IN CHINA Organizer: John K. Gibson, University of Waikato [22] RETAIL AND WHOLESALE WATER UTILITIES (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International [23] ENERGY AND ENVIRONMENT (CEP) Organizers: Jack W. Hou, California State University, Long Beach, and Faridul Islam, Utah Valley University [24] BEHAVIORAL ECONOMICS AND INTANGIBLE CAPITAL [25] AGRICULTURE, BIOFUELS, AND PACIFIC RIM ISSUES (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International

Wednesday, April 27

Registration and Coffee 8:30 a.m. Refreshments will be available throughout the day in the Z block foyer.

Concurrent Sessions 9:00–10:45 a.m. [26] EXPERIMENTAL ECONOMICS—TRUST AND EFFORT Organizer: Uwe Dulleck, Queensland University of Technology [27] DETERMINANTS OF FIRM TRADE PERFORMANCE Organizer: Robert E. Lipsey, National Bureau of Economic Research, and City University of New York

4 [28] WHY THE GLOBAL FINANCIAL CRISIS? Organizer: Tim Robinson, Queensland University of Technology [29] LABOR AND DEMOGRAPHIC ECONOMICS [30] HEALTH CARE AND PUBLIC POLICY [31] SPORTS ECONOMICS III—TEAMS, LEAGUES, AND COMPETITIVE BALANCE (NAASE) Organizer: Victor Matheson, College of the Holy Cross [32] ENERGY AND DEVELOPMENT IN CHINA [33] POLLUTION AND GREEN BUSINESS [34] MICRO FOUNDATION OF POLICY FORMATION (CEP) Organizer: Jack W. Hou, California State University, Long Beach [35] URBAN WATER CONSERVATION AND MANAGEMENT Organizer: Clevo I. Wilson, Queensland University of Technology

Concurrent Sessions 11:00 a.m.–12:45 p.m. [36] SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMIC THEORY Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales [37] EDUCATING FOR SUCCESS (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International [38] EXPERIMENTAL ECONOMICS—HONESTY AND GUILT Organizer: Uwe Dulleck, Queensland University of Technology [39] INNOVATION AND PRODUCTIVITY IN MALAYSIA AND THAILAND Organizer: Eric D. Ramstetter, ICSEAD [40] SPORTS ECONOMICS IV—MYTHS AND LIES IN SPORTS (NAASE) Organizer: Victor Matheson, College of the Holy Cross [41] PEACE AND CONFLICT [42] WILDFIRES (CEP) Organizers: Wade E. Martin, California State University, Long Beach, and Clevo I. Wilson, Queensland University of Technology [43] FINANCIAL MARKETS: RISK, VOLATILITY, AND RESPONSES (CEP) Organizer: Jack W. Hou, California State University, Long Beach [44] MURRAY DARLING RIVER SYSTEM (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International

Lunch and Keynote Address — Z411 12:50–2:15 p.m. [45] CONTROLLING GROWTH IN THE FINANCIAL SAFETY NET Address: Edward J. Kane, Boston College

Concurrent Sessions 2:30–4:15 p.m. [46] SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMICS OF SUSTAINABILITY Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales [47] CORRUPTION, TEMPTATION, AND PIRACY

5 [48] FINANCIAL ECONOMETRICS I Organizer: Adam Clements, Queensland University of Technology [49] PRODUCTIVITY AND EFFICIENCY STUDIES Organizer: Boon L. Lee, Queensland University of Technology [50] PATENTS AND INNOVATION Organizer: Uwe Dulleck, Queensland University of Technology [51] FDI AND SPILLOVER [52] TOPICS ON ENVIRONMENTAL ECONOMICS [53] SECTORAL AND REGIONAL DIFFERENTIALS IN CHINA (CEP) Organizers: Jack W. Hou, California State University, Long Beach, and John R. Graham, University of Calgary [54] WATER SCARCITY AND POLICY (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International

Concurrent Sessions 4:30–6:15 p.m. [55] FINANCIAL ECONOMETRICS II Organizer: Stan Hurn, Queensland University of Technology [56] MACROECONOMIC POLICY [57] EAST-WEST TRADE AND ITS IMPACT ON ECONOMIC GROWTH Organizer: Won W. Koo, North Dakota State University [58] THE BANKING INDUSTRY [59] TECHNOLOGY, INNOVATION, AND DIFFUSION [60] TOPICS ON INDUSTRIAL ORGANIZATION [62] TRADE-OFFS IN ENVIRONMENTAL AND IRRIGATION CARRY-OVER (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International [63] INFRASTRUCTURE, SERVICE PROVISION AND RELATED ISSUES Organizer: Clevo I. Wilson, Queensland University of Technology

QUT Welcome Reception — Z1064 6:30–8:00 p.m.

Thursday, April 28

Registration and Coffee 8:30 a.m. Refreshments will be available throughout the day in the Z block foyer.

Concurrent Sessions 9:00–10:45 a.m. [64] SESSIONS IN HONOUR OF MURRAY KEMP: DEVELOPMENT AND MIGRATION Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales [65] QUANTITATIVE AND EXPERIMENTAL METHODS IN FINANCIAL ECONOMICS [66] THRESHOLD CONCEPTS IN ECONOMICS EDUCATION—THEORY AND PRACTICE Organizer: Tommy Tang, Queensland University of Technology

6 [67] NEW TALES OF GROWTH Organizers: Eduard H. Hochreiter, Joint Vienna Institute, and Thorvaldur Gylfason, University of Iceland [68] OIL PRICES, VOLATILITY, PORTFOLIOS [69] PUBLIC POLICY ISSUES [70] ECONOMETRIC MEASUREMENTS APPLICABLE TO STOCK INVESTORS, CORPORATIONS, AND GOVERNMENT [71] ISSUES IN AGRICULTURAL PRODUCTION IN DEVELOPING COUNTRIES Organizer: Clevo I. Wilson, Queensland University of Technology [72] FLOODS AND WATER SCARCITY (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International [73] EDUCATIONAL ACHIEVEMENT AND COMPENSATION (CEP) Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International

Concurrent Sessions 11:00 a.m.–12:45 p.m. [74] SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMICS OF RIVALRY AND PARTNERSHIPS Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales [75] MONETARY ECONOMICS AND POLICY [76] FINANCE AND TRADE IN INTERNATIONAL ECONOMICS [77] STOCK MARKET AND REGULATION [78] IMPLICATIONS OF TAX POLICY FOR REVENUE GENERATION, WELFARE, AND POPULATION GROWTH [79] PRODUCTIVITY, OUTSOURCING, AND COMPETITION [80] ISSUES ON OIL PRICE SHOCKS, STOCK PRICES, AND CARBON PRICE Organizer: Ronald A. Ratti, University of Western Sydney [81] STUDIES INVOLVING ENVIRONMENTAL VALUATION TECHNIQUES Organizer: Clevo I. Wilson, Queensland University of Technology [82] ENVIRONMENTAL WATER GOVERNANCE: DESIGN PRINCIPLES AND IMPLEMENTATION LESSONS (CEP) Organizer: Dustin Garrick, CSIRO, and University of South Australia [83] ECONOMIC ANALYSIS (CEP) Organizer: Jack W. Hou, California State University, Long Beach

Lunch and Keynote Address — Z411 12:50–2:15 p.m. [84] SLOWLY APPROACHING ECONOMIC CATASTROPHES: THEN, NOW, ... AND NEXT? Address: Paul A. David, Stanford University

Barefoot Bowls & Sunset BBQ 2:30 p.m. Advance ticket purchase required. Tickets and directions are included in your registration packet.

7 Friday, April 29

Registration and Coffee — Z block foyer 8:30 a.m.

WEAI conference registrants are invited to attend this symposium free of charge.

Australian Agricultural and Resource Economics Society

SYMPOSIUM ON THE ECONOMIC DIMENSIONS OF FLOODS AND NATURAL DISASTERS

[Session I] Z411 9:00–10:45 a.m. Organizer: Malcolm K. Wegener, University of Queensland Chair: Tim Robinson, Queensland University of Technology Opening: Major General Mick Slater, Chair, Queensland Reconstruction Authority Papers: John Rolfe, Central Queensland University and Malcolm K. Wegener, University of Queensland Damage and Losses from Flooding and Cyclones in Southeast, Central, and North Queensland Speaker from Emergency Management Queensland The Government’s Strategy for Handling Natural Disasters—The National Strategy for Disaster Resilience

[Session 2] Z411 11:00 a.m.–12:45 p.m. Organizer: Malcolm K. Wegener, University of Queensland Chair: Tim Robinson, Queensland University of Technology Papers: John Freebairn, Melbourne University A Framework for Economic Decisions Dealing with Natural Disasters John Quiggin, University of Queensland Accounting for Natural Disasters: The Impact on the National Accounts Russell Gorddard, CSIRO Sustainable Ecosystems, Canberra New Approaches to Insurance

Lunch Break — Z block foyer 12:45–2:00 p.m.

[Session 3] Z411 2:00–3:30 p.m. Organizer: Malcolm K. Wegener, University of Queensland Chair: Tim Robinson, Queensland University of Technology Papers: Zvi Hochman, CSIRO Sustainable Ecosystems Adaption Strategies for Primary Industries: Coping with Extreme Weather Events Paul Barnes, Queensland University of Technology New Approaches to National Risk Assessment and Disaster Mitigation Ed Blakely, Sydney University Repositioning the Economy after Natural Disasters (with a focus on peri-urban and rural areas)

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Conferenceby time period Sessions Tuesday, April 26

Registration and Coffee 8:30 a.m. Refreshments will be available throughout the day in the Z block foyer.

Conference Welcome — Z411 9:15–9:45 a.m.

Sponsored by the School of Economics and Finance at the University of Western Sydney and by the Australian School of Business at the University of New South Wales [1] Z411 10:00–11:45 a.m. SESSIONS IN HONOUR OF MURRAY KEMP: HISTORY OF ECONOMIC THOUGHT Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales Chair: Satya Paul, University of Western Sydney Papers: Craig F. Freedman, Macquarie University The Chicago School and the Betrayal of the Classical Liberal Tradition John Lodewijks, University of Western Sydney Economists from the Antipodes: What Can Oral History Tell Us? Binh Tran-Nam, University of New South Wales Gossen and Time Allocation Theory Discussants: to be announced

[2] Z306 10:00–11:45 a.m. INNOVATION IN TEACHING UNDERGRADUATE ECONOMICS Organizer: Michael P. Cameron, University of Waikato Chairs: Michael P. Cameron, University of Waikato, and Steven Lim, University of Waikato Papers: Michael P. Cameron, University of Waikato, and Steven Lim, University of Waikato An Innovative Multimedia Assessment for Freshman Economics Tommy Tang, Queensland University of Technology, and Tim Robinson, Queensland University of Technology Conceptual Change in Economics Education—The Role of Language Paul McKeowan, Lincoln University, and Gillis Maclean, Lincoln University Online Quizzes—Are They Worth the Effort? Discussants: Susan Olivia, Monash University Steven Lim, University of Waikato John K. Gibson, University of Waikato

10 Tuesday, April 26 [3] Z308 10:00–11:45 a.m. FOREIGN DIRECT INVESTMENT Chair: Anil V. Mishra, University of Western Sydney Papers: Kun-Ming Chen, National Chengchi University, Chia-Ching Lin, National Taichung Institute of Technology, and Wei-jen Wen, National Chengchi University Exchange Rate Uncertainty, Strategic Interaction and the Timing of Foreign Direct Investment Quan V. Le, Seattle University, Bonnie Buchanan, Seattle University, David Mummy, Seattle University, and Meenakshi Rishi, Seattle University Software Piracy and Foreign Direct Investment Anil V. Mishra, University of Western Sydney, and Ronald A. Ratti, University of Western Sydney Foreign Investment and Taxation Discussants: Sizhong Sun, James Cook University Quan V. Le, Seattle University Kun-Ming Chen, National Chengchi University

[4] Z302 10:00–11:45 a.m. SPORTS ECONOMICS I—GENDER AND PARTICIPATION IN SPORTS (NAASE) Organizer: Victor Matheson, College of the Holy Cross Chair: Benno Torgler, Queensland University of Technology Papers: Victor Matheson, College of the Holy Cross, and Robert Baumann, College of the Holy Cross Gender Differences in Competitive Balance in Intercollegiate Sports Brad R. Humphreys, University of Alberta, Katerina Maresova, University of Economics, Prague, and Jane E. Ruseski, University of Alberta National Sport Policy, Sporting Success and Individual Sport Participation: An International Comparison Discussants: Joao Ramos, Queensland University of Technology Brad R. Humphreys, University of Alberta Marco Piatti, Queensland University of Technology

[5] Z301 10:00–11:45 a.m. PRODUCTIVITY, GROWTH, AND MIGRATION Chair: Petr Hanel, University of Sherbrooke Papers: Neil Dias Karunaratne, University of Queensland Total Factor Productivity and FDI Flows—A Panel Data Analysis of OECD Countries (1983-2007) Yui Nakamura, Fukuoka University A Self-Selection System for Poverty Alleviation and Economic Growth Jaai Parasnis, Monash University, Dietrich K. Fausten, Monash University, and Asadul Islam, Monash University Immigrant and Native Saving Behavior in Australia Paul A. Rivera, California State University, Channel Islands, and Patricia Delaney, St. Michael’s College Migration and Remittances as Driving Forces in Tonga Discussants: Paul A. Rivera, California State University, Channel Islands Donald G. Freeman, Sam Houston State University Yui Nakamura, Fukuoka University Jaai Parasnis, Monash University

Tuesday, April 26 11

[6] Z303 10:00–11:45 a.m. Contemporary Economic Policy Session FISHERIES, FORESTS, AND SPECIES SURVIVAL Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: John Williams, Natural Resources Commission of New South Wales Papers: Clement A. Tisdell, University of Queensland Logging Intensities and the Survival of Forest Wildlife Species e.g. Orangutans: Economic Considerations John A. Janmaat, University of British Columbia Fishing in a Shallow Lake: Exploring a Classic Fishery Model in a Habitat with Shallow Lake Dynamics Discussants: John Williams, Natural Resources Commission of New South Wales Louisa Coglan, Queensland University of Technology

[7] Z305 10:00–11:45 a.m. Contemporary Economic Policy Session DEVELOPMENT AND SOCIETY Organizer: Jack W. Hou, California State University, Long Beach Chair: Tao-Tony Fang, York University, and University of Toronto Papers: Yong Wang, City University of Hong Kong, and Kamhon Kan, Academia Sinica Development Patterns in China and India: A Perspective with CES Production Function Muhammad Shahbaz, COMSATS, Faridul Islam, Utah Valley University, and Muhammad Sabihuddin Butt, University of Karachi Financial Development, Energy Consumption and CO2 Emissions: Evidence from ARDL Approach for Pakistan Rahul Nilakantan, Indian Institute of Management, and Saurabh Singhal, University of Southern California The Economic Costs of Naxalite Violence and the Economic Benefits of Unique Robust Security Response Discussants: Rahul Nilakantan, Indian Institute of Management Yong Wang, City University of Hong Kong Muhammad Shahbaz, COMSATS

[8] Z304 10:00–11:45 a.m. Contemporary Economic Policy Session GROUNDWATER Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Sean Pascoe, CSIRO Papers: David L. Sunding, University of California, Berkeley Valuing Groundwater Storage Clevo I. Wilson, Queensland University of Technology, and Wasantha Athukorala, Queensland University of Technology Long Term Welfare Losses Due to Groundwater Extraction for Agriculture: Evidence from Sri Lanka Jason K. Hansen, Naval Postgraduate School The Economics of Optimal Urban Groundwater Pumping Discussants: Malcolm K. Wegener, University of Queensland M. Ejaz Qureshi, CSIRO, and Australian National University Gavin C. G. Fraser, Rhodes University

Lunch Break — Z block foyer 11:45 a.m.–12:45 p.m. 12 Tuesday, April 26

Sponsored by the School of Economics and Finance at the University of Western Sydney and by the Australian School of Business at the University of New South Wales [9] Z411 12:45–2:30 p.m. SESSIONS IN HONOUR OF MURRAY KEMP: TRADE THEORY Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales Chair: Murray C. Kemp, University of New South Wales Papers: Kazuo Nishimura, Kyoto University, Eric W. Bond, Vanderbilt University, and Kazumichi Iwasa, Kyoto University Poverty Trap and Inferior Goods in a Dynamic Heckscher- Ohlin Model Peter J. Lloyd, University of Melbourne The Discovery of the Heckscher-Ohlin Model of International Trade Ngo Van Long, McGill University North-South Trade in Pharmaceutical Products: Some Theoretical Considerations Discussants: to be announced

[10] Z306 12:45–2:30 p.m. INTERNATIONAL ECONOMIC DEVELOPMENT ISSUES Organizer and Chair: Anna Strutt, University of Waikato Papers: Bentry Mkwara, University of Waikato, and Dan Marsh, University of Waikato Effects of Maize Fertilizer Subsidies on Food Security in Malawi Lula G. Mengesha, University of Waikato, and Mark J. Holmes, University of Waikato Does Dollarization Alleviate or Aggravate Exchange Rate Volatility? Anna Strutt, University of Waikato, Thomas Hertel, Purdue University, and Susan F. Stone, OECD Improving Infrastructure, Facilitating Trade and Reducing Poverty in the Greater Mekong Subregion Discussants: to be announced

[11] Z301 12:45–2:30 p.m. MACROECONOMICS Chair: Ming-Jen Chang, National Dong Hwa University Papers: Ming-Jen Chang, National Dong Hwa University, and Meng- Chao Liu, National Dong Hwa University Accounting for Monetary and Fiscal Policy Effects in a Simple Dynamic General Equilibrium Model Pietro Enrico Ferri, Universita degli Studi di Bergamo Fluctuations in a Debt Economy Manfred W. Keil, Claremont McKenna College, and James Symons, University College of London The Housing Market and the U.S. Business Cycle Ho-Chuan Huang, Tamkang University, and Chih-Chuan Yeh, Overseas Chinese University Inflation Targeting and Financial Development Tuesday, April 26 13

Discussants: Takashi Matsuki, Osaka Gakuin University Kimiko Sugimoto, Osaka Gakuin University Pietro Enrico Ferri, Universita degli Studi di Bergamo Manfred W. Keil, Claremont McKenna College

[12] Z308 12:45–2:30 p.m. CHILD WELFARE AND LABOR Chair: Samer S. Kherfi, American University of Sharjah Papers: Susan Olivia, Monash University, Lisa Cameron, Monash University, and Manisha Shah, University of California, Irvine Sanitation Improvements and Child Health in Rural Indonesia Jayanta Sarkar, Queensland University of Technology A Nutrition-based Explanation of Child Labour Discussants: Tomoko Kishi, Nanzan University Jayanta Sarkar, Queensland University of Technology

[13] Z302 12:45–2:30 p.m. SPORTS ECONOMICS II—VICES: DRUGS, VIOLENCE AND GAMBLING IN SPORTS (NAASE) Organizer and Chair: Victor Matheson, College of the Holy Cross Papers: Joao Ramos, Queensland University of Technology, Markus Schaffner, Queensland University of Technology, and Benno Torgler, Queensland University of Technology Doping and Cycling Ross Booth, Monash University, and Robert Brooks, Monash University Violence in the Australian Football League: For Better or Worse? Brad R. Humphreys, University of Alberta, Rodney J. Paul, Saint Bonaventure University, and Andrew P. Weinbach, Coastal Carolina University Consumption Benefits and Gambling: Evidence from the NCAA Basketball Betting Market Discussants: Jane E. Ruseski, University of Alberta Victor Matheson, College of the Holy Cross

[14] Z309 12:45–2:30 p.m. ECONOMIC GROWTH AND SUSTAINABLE LIVELIHOODS IN ASIA Organizer and Chair: Steven Lim, University of Waikato Papers: Steven Lim, University of Waikato, Jason Le Vaillant, Ministry of Economic Development, New Zealand, and Harry X. Wu, Hong Kong Polytechnic University What Can China’s Percentage Growth Rates Tell Us? A Decomposition Method under Growth Instabiliity Tran Quang Tuyen, University of Waikato Building a Highway: Impacts on Sustainable Livelihoods in Hanoi Harry X. Wu, Hong Kong Polytechnic University, and Steven Lim, University of Waikato Dynamic Comparative Advantage and Structural Change in China Discussants: Michael P. Cameron, University of Waikato Steven Lim, University of Waikato Tran Quang Tuyen, University of Waikato

14 Tuesday, April 26

[15] Z303 12:45–2:30 p.m. Contemporary Economic Policy Session SUSTAINABILITY, AGRICULTURE, AND RANGELANDS Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Malcolm K. Wegener, University of Queensland Papers: Euan Fleming, University of New England, Prathanthip Kramol, University of New England, Paul Kristiansen, University of New England, and Renato Andrin Villano, University of New England Explaining the Adoption of Smallholders of Sustainable Practices in Vegetable Production in Northern Thailand Gavin C. G. Fraser, Rhodes University, and Thula Dlamini, Rhodes University Wool or Venison? A Stochastic Efficiency Analysis of the Sustainability of Rangelands Economic Systems in the Eastern Cape Karoo Discussants: Shyama Ratnasiri, Griffith University Jason K. Hansen, Naval Postgraduate School

[16] Z305 12:45–2:30 p.m. Contemporary Economic Policy Session CHINA: FINANCIAL, GLOBALIZATION, AND UNIONS Organizers: Jack W. Hou, California State University, Long Beach, and Tao-Tony Fang, York University, and University of Toronto Chair: Jack W. Hou, California State University, Long Beach Papers: Vinh Q. T. Dang, University of Macau, Kenneth S. Chan, City University of Hong Kong, and Kit Ming Isabel Yan, City University of Hong Kong Financial Liberalization and Financing Constraints: Some Evidence from Panel Data of Chinese Firms Tao-Tony Fang, York University, and University of Toronto Unionization and Firm Innovation in China: Synergy or Strife? John R. Graham, University of Calgary, and Marion E. Jones, University of Regina Social Exclusion and Self-esteem: The Impact of the Identity- bureaucracy Nexus on Employed People Experiencing Homelessness Discussants: Yenhuang Chen, Chinese Culture University John R. Graham, University of Calgary Tao-Tony Fang, York University, and University of Toronto

[17] Z304 12:45–2:30 p.m. Contemporary Economic Policy Session CALIFORNIA WATER ISSUES Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Andrew C. Worthington, Griffith University Papers: Ellen Hanak, Public Policy Institute of California, Ariel Dinar, University of California, Riverside, and Richard E. Howitt, University of California, Davis Managing California’s Water: From Conflict to Reconciliation David L. Sunding, University of California, Berkeley Achieving Water Sustainability in Los Angeles County Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Application of Prescriptive Public Choice to Urban Water Rate Design Tuesday, April 26 15

Discussants: David L. Sunding, University of California, Berkeley Ellen Hanak, Public Policy Institute of California Alan Randall, Ohio State University, and University of Sydney

Sponsored by the School of Economics and Finance at the University of Western Sydney and by the Australian School of Business at the University of New South Wales [18] Z411 2:45–4:30 p.m. SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMICS OF POSITIONAL GOODS AND SOCIAL CONSUMPTION Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales Chair: John Lodewijks, University of Western Sydney Papers: Satya Paul, University of Western Sydney Relative Deprivation and Its Applications in Economics Hiroshi Ohta, Kobe University, and Seichi Katayama, Aichi Gakuin University Status-seeking and Exhaustible Resource under Uncertainty Makoto Yano, Kyoto University, and Keio University, and Takakazu Honryo, Columbia University A Two-Country Game of Competition Policies Discussants: to be announced

[19] Z301 2:45–4:30 p.m. PUBLIC POLICY AND FINANCIAL CRISIS Chair: Lee-Jung Lu, Tungnan University Papers: Lee-Jung Lu, Tungnan University, Shih-Wen Hu, Feng Chia University, and Meng Yi Tai, Fo Guang University Expectations and Commodity Price Dynamics: The Application of Portfolio Balance Model Meng Yi Tai, Fo Guang University, Shih-Wen Hu, Feng Chia University, and Lee-Jung Lu, Tungnan University Policy Announcement, Holmes-Smyth Effect and Housing Price Dynamics Yi-Hao Lai, Da-Yeh University Does Dependence-switching Model for Dynamic Hedging with Major Foreign Currencies Survive during the Financial Crisis? Discussants: from above participants

[20] Z308 2:45–4:30 p.m. TAX, IMPORT, AND CURRENCY Chair: P. C. Roger Cheng, National Central University Papers: P. C. Roger Cheng, National Central University, and Zoe Huang, National Central University Credential Competing among Heterogeneous Contestants Takashi Matsuki, Osaka Gakuin University Linear and Nonlinear Comovement in Asian Local Currency Bond: Stepwise Multiple Testing Approach Kimiko Sugimoto, Osaka Gakuin University Currency Convertibility and Import Demand in the ECOWAS Countries Nobuhiro Takahashi, Osaka City University, and Mita Takahashi, Osaka University of Economics and Law Tax Credits and Optimum Tax and Tariff Policies 16 Tuesday, April 26

Discussants: Simona Fabrizi, Massey University Ming-Jen Chang, National Dong Hwa University Pietro Enrico Ferri, Universita degli Studi di Bergamo Chih-Chuan Yeh, Overseas Chinese University

[21] Z302 2:45–4:30 p.m. INEQUALITY, POVERTY AND HEALTH IN CHINA Organizer and Chair: John K. Gibson, University of Waikato Papers: Chao Li, University of Waikato, and John K. Gibson, University of Waikato Rising Regional Inequality in China: Fact or Artefact? Susan Olivia, Monash University, Xiangzheng Deng, Chinese Academy of Sciences, John K. Gibson, University of Waikato, Scott D. Rozelle, Stanford University, and Aaron D. Smith, University of California, Davis Spatial Econometric Small-Area Estimates of Poverty in China John K. Gibson, University of Waikato, Yun Liang, Motu Economic and Public Policy Research, and Steven Stillman, Motu Economic and Public Policy Research Are Home Owners Healthier? Panel Data Evidence from China Discussants: Susan Olivia, Monash University Steven Lim, University of Waikato Michael P. Cameron, University of Waikato

[22] Z304 2:45–4:30 p.m. Contemporary Economic Policy Session RETAIL AND WHOLESALE WATER UTILITIES Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Douglas Fisher, Queensland University of Technology Papers: Andrew C. Worthington, Griffith University Efficiency, Technology and Productivity Change in Australian Urban Water Utilities Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Los Angeles Urban Water Rate Design David L. Sunding, University of California, Berkeley The Value of Water Supply Reliability Discussants: Benno Torgler, Queensland University of Technology Shyama Ratnasiri, Griffith University M. Ejaz Qureshi, CSIRO, and Australian National University

[23] Z305 2:45–4:30 p.m. Contemporary Economic Policy Session ENERGY AND ENVIRONMENT Organizers: Jack W. Hou, California State University, Long Beach, and Faridul Islam, Utah Valley University Chair: Jack W. Hou, California State University, Long Beach Papers: Yenhuang Chen, Chinese Culture University, and Jie Hu, Xi’an Jiao Tong University Vertical Specialization in the Chinese Electronic Industry Faridul Islam, Utah Valley University, and Muhammad Shahbaz, COMSATS Is there an Environmental Kuznets Curve for Bangladesh? Ashraf Nakibullah, University of Bahrain Monetary Policies and Performance of the Oil-Exporting GCC Countries Hedayat Omidvar, National Iranian Gas Company Prospect of Iran Natural Gas Export Projects Tuesday, April 26 17

Discussants: Jack W. Hou, California State University, Long Beach Ashraf Nakibullah, University of Bahrain Hedayat Omidvar, National Iranian Gas Company Faridul Islam, Utah Valley University

[24] Z306 2:45–4:30 p.m. BEHAVIORAL ECONOMICS AND INTANGIBLE CAPITAL Chair: Luke Strongman, The Open Polytechnic of New Zealand Papers: Michael Falta, University of Otago, and N. Kergozou de la Boessiere, University of Otago Homo Decertatius John Mirikitani, Hallym University, and Steven J. Jordan, KAIST The Most Amazing Season: ‘Sports Mood’ and Behavioral Finance John Mirikitani, Hallym University A Behavioral Economics Analysis of ‘Clash of Civilizations’: Frustration-Aggression Caused by the Passing of the USA’s Economic Hegemony Luke Strongman, The Open Polytechnic of New Zealand Poststructuralism and Economic Intangibles Discussants: John Mirikitani, Hallym University Brad R. Humphreys, University of Alberta Luke Strongman, The Open Polytechnic of New Zealand Michael Falta, University of Otago

[25] Z303 2:45–4:30 p.m. Contemporary Economic Policy Session AGRICULTURE, BIOFUELS, AND PACIFIC RIM ISSUES Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Vincent Hoang, Queensland University of Technology Papers: George Antony, Queensland Department of Employment, Economic Development and Innovation, and Sarah L. Goswami, Queensland Department of Employment, Economic Development and Innovation Expected Socio-Economic Impacts of the Establishment of Asian Honeybees in Australia Clement A. Tisdell, University of Queensland Structural Economic Changes in China and Vietnam: Policy Issues and Consequences for Agriculture Marguerite Renouf, University of Queensland, and Malcolm K. Wegener, University of Queensland Biofuels: Environmental Life Cycle Assessment of Fermentable Materials Malcolm K. Wegener, University of Queensland Opportunities for Renewable Energy and Bio-Materials from Sugarcane Discussants: Wasantha Athukorala, Queensland University of Technology Vincent Hoang, Queensland University of Technology Max Briggs, Queensland University of Technology

18 Wednesday, April 27

Registration and Coffee 8:30 a.m. Refreshments will be available throughout the day in the Z block foyer.

[26] Z306 9:00–10:45 a.m. EXPERIMENTAL ECONOMICS—TRUST AND EFFORT Organizer and Chair: Uwe Dulleck, Queensland University of Technology Papers: Pablo Guillen, University of Sydney, and Daniel Ji, University of Sydney Discrimination and Acculturation Jonas Fooken, Queensland University of Technology, Tony Beatton, Queensland University of Technology, Uwe Dulleck, Queensland University of Technology, Yumei He, Southeast University and A&M College, and Markus Schaffner, Queensland University of Technology Gift Exchange in China—Is There a Difference between Migrants and Locals? Andreas Ortmann, University of New South Wales, Stefania Bortlotti, Universita degli Studi di Trento, and Giovanna Devetag, University of Perugia Individual Incentives or Group Incentives? A Real-Effort Weak- Link Experiment Discussants: from above participants

[27] Z309 9:00–10:45 a.m. DETERMINANTS OF FIRM TRADE PERFORMANCE Organizer: Robert E. Lipsey, National Bureau of Economic Research, and City University of New York Chair: Eric D. Ramstetter, ICSEAD Papers: Kazuhiko Yokota, Waseda University, Kyosuke Kurita, Waseda University, and Shujiro Urata, Waseda University Foreign Trade of Chinese Enterprises by Different Organizational Forms Dionisius A. Narjoko, ERIA Liberalized Trade and Investment Regime, Firm Entry, and Performance: Learning from Vietnamese Manufacturing Eric D. Ramstetter, ICSEAD, and Minh Ngoc Phan, ICSEAD Productivity, Ownership, and Producer Concentration in Transition: Evidence from Vietnamese Manufacturing Discussants: Juthathip Jongwanich, Asian Institute of Technology Cassey Lee, University of Wollongong Archanun Kohpaiboon, Thammasat University

[28] Z303 9:00–10:45 a.m. WHY THE GLOBAL FINANCIAL CRISIS? Organizer and Chair: Tim Robinson, Queensland University of Technology Papers: Jakob B. Madsen, Monash University A Repayment Model of House Prices: House Prices and the GFC Mark McGovern, Queensland University of Technology Beyond the Debt Dreamtime: Defusing and Resolving Crisis Steve Keen, University of Western Sydney More of the GFC Wednesday, April 27 19

Discussants: Steve Keen, University of Western Sydney Tim Robinson, Queensland University of Technology Jakob B. Madsen, Monash University

[29] Z205 9:00–10:45 a.m. LABOR AND DEMOGRAPHIC ECONOMICS Chair: Hugo Toledo, American University of Sharjah Papers: Donald G. Freeman, Sam Houston State University On (not) Closing the Gaps: Poverty and Unemployment in White and Non-White Populations Tiago Freire, National University of Singapore Skill Wages Gap in Brazil: 1980-2000 Tomoko Kishi, Nanzan University, and Faridul Islam, Utah Valley University A Wage Curve for Japan: Further Evidence from Panel Data Hugo Toledo, American University of Sharjah The Political Economy of Emiratization in the UAE Discussants: Sasan Bakhtiari, University of New South Wales Alvaro A. Comin, University of Sao Paulo Hugo Toledo, American University of Sharjah

[30] Z208 9:00–10:45 a.m. HEALTH CARE AND PUBLIC POLICY Chair: Sheng-Tung Chen, Feng Chia University Papers: Sheng-Tung Chen, Feng Chia University The Effect of Military Service System Changes to Military Expenditure Kannika Damrongplasit, Nanyang Technological University, Gerald Kominski, University of California, Los Angeles, Nadereh Pourat, University of California, Los Angeles, and Dylan Roby, University of California, Los Angeles Racial/Ethnic Disparities in Health Care Expenditures of Chronically Ill Medicaid Beneficiaries Kazuki Onji, Australian National University Tax Consolidation and the Structure of Corporate Groups: Evidence from the Japanese Tax Reform of 2002 Jane E. Ruseski, University of Alberta, Brad R. Humphreys, University of Alberta, and John A. Nyman, University of Minnesota Gambling, Healthcare and Health: Evidence from Canada Discussants: Kannika Damrongplasit, Nanyang Technological University Jacob A. Bikker, De Nederlandsche Bank Yang Li, University of Queensland Friska Parulian, ERIA

[31] Z302 9:00–10:45 a.m. SPORTS ECONOMICS III—TEAMS, LEAGUES, AND COMPETITIVE BALANCE (NAASE) Organizer and Chair: Victor Matheson, College of the Holy Cross Papers: Christian Deutscher, University of Paderborn Incentive Effects of Prize Spreads in Heterogeneous Tournaments —Empirical Findings from the National Basketball Association Ross Booth, Monash University, Brad R. Humphreys, University of Alberta, and Stefan Szymanski, City University London Revenue Sharing and Competitive Balance in Australian Rules Football 20 Wednesday, April 27

Discussants: Liam Lenten, La Trobe University Markus Schaffner, Queensland University of Technology Benno Torgler, Queensland University of Technology

[32] Z301 9:00–10:45 a.m. ENERGY AND DEVELOPMENT IN CHINA Chair: Jayanta Sarkar, Queensland University of Technology Papers: Pun Lee Lam, Hong Kong Polytechnic University, and Alice Shiu, Hong Kong Polytechnic University Inconsistency in China’s Energy and GDP Statistics: Evidence after the Financial Tsunami Yu Hsuan Liao, National University of Kaohsiung, and Yang Li, National University of Kaohsiung Study of Regional Efficiency and Productivity of Mainland China: Perspectives of FDI and Green Development John T. Shieh, California State Polytechnic University, Pomona, and Tzu-Wen Sung, Aletheia University Economic Development in China’s Western Frontier Alice Shiu, Hong Kong Polytechnic University, and Pun Lee Lam, Hong Kong Polytechnic University Economic Growth, Electricity Investment and Transportation Infrastructure: Implications of China’s Regional Disparity Discussants: Yu Hsuan Liao, National University of Kaohsiung Pun Lee Lam, Hong Kong Polytechnic University Jayanta Sarkar, Queensland University of Technology Sizhong Sun, James Cook University

[33] Z308 9:00–10:45 a.m. POLLUTION AND GREEN BUSINESS Chair: Shigeru Matsumoto, Aoyama Gakuin University Papers: Kankesu Jayanthakumaran, University of Wollongong, and Ying Liu, University of Wollongong Trade Intensity and Emissions in Australian States: 1998/99- 2007/08 Smitu Malhotra, XLRI Jamshedpur, Devika Bhartiya, Independent Researcher, Mansi Chanra, Deloitte, Neha Jain, ITC Infotech, Karan Parmanandkar, Nomura Securities International, and Piyush Puri, SBI Capital Green Retail: Responding to Growing Concern for the Environment Venugopal Pingali, XLRI Jamshedpur, and Aurobindo Saha, Lexmark International Inc. Green Printing: Formulating a Marketing Plan John P. Tang, Australian National University Pollution Havens and the Trade in Toxic Chemicals: Evidence from U.S. Trade Flows Discussants: John A. Janmaat, University of British Columbia Shigeru Matsumoto, Aoyama Gakuin University Smitu Malhotra, XLRI Jamshedpur Shamila A. Jayasuriya, Ohio University

[34] Z305 9:00–10:45 a.m. Contemporary Economic Policy Session MICRO FOUNDATION OF POLICY FORMATION Organizer and Chair: Jack W. Hou, California State University, Long Beach Papers: William N. Thompson, University of Nevada, Las Vegas Taxation, Gambling and Good Public Policy Wednesday, April 27 21

Xingming Fang, Southwestern University of Finance and Economics, Ye Luo, Southwestern University of Finance and Economics, and H. Holly Wang, Purdue University The Three-Party Game of Contract Farming: Low Contract Compliance Rates in Grain Transactions in China Ruixin Su, Xi’an Jiao Tong University, and University of Virginia The Differences of CSR Motives and Policy Meaning in China: A Firm Nature Perspective Discussants: Ruixin Su, Xi’an Jiao Tong University, and University of Virginia William N. Thompson, University of Nevada, Las Vegas Xingming Fang, Southwestern University of Finance and Economics

[35] Z304 9:00–10:45 a.m. URBAN WATER CONSERVATION AND MANAGEMENT Organizer and Chair: Clevo I. Wilson, Queensland University of Technology Papers: Shyama Ratnasiri, Griffith University, Wasantha Athukorala, Queensland University of Technology, Maria A. Garcia-Valinas, Toulouse School of Economics, Robert Gifford, University of Victoria, Benno Torgler, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Effectiveness of Uniform Pricing vs. Increasing Block Rate Pricing on Urban Water Demand Clevo I. Wilson, Queensland University of Technology, Wasantha Athukorala, Queensland University of Technology, Maria A. Garcia-Valinas, Toulouse School of Economics, Robert Gifford, University of Victoria, and Benno Torgler, Queensland University of Technology Factors Influencing Residents’ Willingness to Pay to Avoid Water Restrictions Maria A. Garcia-Valinas, Toulouse School of Economics, Wasantha Athukorala, Queensland University of Technology, Robert Gifford, University of Victoria, Benno Torgler, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Non-discretionary Residential Water Uses: The Impact of Habits and Water-Efficient Technologies Discussants: Ellen Hanak, Public Policy Institute of California John Tisdell, University of Tasmania Andrew C. Worthington, Griffith University

22 Wednesday, April 27

Sponsored by the School of Economics and Finance at the University of Western Sydney and by the Australian School of Business at the University of New South Wales [36] Z411 11:00 a.m.–12:45 p.m. SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMIC THEORY Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales Chair: Craig F. Freedman, Macquarie University Papers: Murray C. Kemp, University of New South Wales Public Goods in Economic Theory Yunfang Hu, Tohuku University Dynamic Interdeterminacy and Transfer Paradox Henry Wan Jr., Cornell University Implications of Learning and Doing on the Micro- foundations of Trade, Industrial Organization and Development Policy Ronald W. Jones, University of Rochester In Defense of Cones Discussants: to be announced

[37] Z304 11:00 a.m.–12:45 p.m. Contemporary Economic Policy Session EDUCATING FOR SUCCESS Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Peter Elias, University of Warwick Papers: Girijasankar Mallik, University of New South Wales Importance of Mathematics in University Education Samer S. Kherfi, American University of Sharjah, and George Naufal, American University of Sharjah Does the Choice of High School Matter? Evidence from the UAE on the Effects of Schooling on Students’ University Performance KimMarie McGoldrick, University of Richmond, Mark H. Maier, Glendale Community College, and Scott Simkins, North Carolina A&T State University Starting Point: Pedagogical Resources for Teaching and Learning Economics Discussants: Samer S. Kherfi, American University of Sharjah Girijasankar Mallik, University of New South Wales Michael P. Cameron, University of Waikato

[38] Z306 11:00 a.m.–12:45 p.m. EXPERIMENTAL ECONOMICS—HONESTY AND GUILT Organizer and Chair: Uwe Dulleck, Queensland University of Technology Papers: Lana Friesen, University of Queensland, and Lata Gangadharan, Monash University TBC—Dishonesty in the Lab Uwe Dulleck, Queensland University of Technology, David Johnston, Queensland University of Technology, and Monash University, Rudolf Kerschbamer, University of Innsbruck, and Matthias Sutter, University of Innsbruck Does Pricing Reveal Information About the Honesty of An Expert? Wednesday, April 27 23

Markus Schaffner, Queensland University of Technology, Uwe Dulleck, Queensland University of Technology, and Benno Torgler, Queensland University of Technology Using Heart Rate Variability Measurements to Observe Guilt in the Ultimate Bargaining Game Discussants: from above participants

[39] Z309 11:00 a.m.–12:45 p.m. INNOVATION AND PRODUCTIVITY IN MALAYSIA AND THAILAND Organizer: Eric D. Ramstetter, ICSEAD Chair: Cassey Lee, University of Wollongong Papers: Juthathip Jongwanich, Asian Institute of Technology, and Archanun Kohpaiboon, Thammasat University MNEs, Export and R&D in Thai Manufacturing Archanun Kohpaiboon, Thammasat University, and Juthathip Jongwanich, Asian Institute of Technology Productivity and R&D Heterogeneity in Thai Manufacturers Cassey Lee, University of Wollongong Trade, Productivity, and Innovation in Malaysian Manufacturing Discussants: Kankesu Jayanthakumaran, University of Wollongong Kazuhiko Yokota, Waseda University Eric D. Ramstetter, ICSEAD

[40] Z302 11:00 a.m.–12:45 p.m. SPORTS ECONOMICS IV—MYTHS AND LIES IN SPORTS (NAASE) Organizer: Victor Matheson, College of the Holy Cross Chair: Brad R. Humphreys, University of Alberta Papers: Lionel Page, Queensland University of Technology, David Savage, Queensland University of Technology, and Benno Torgler, Queensland University of Technology Football Crowd Estimates: A White Lie Liam Lenten, La Trobe University It Is Okay to Score Early against Brazil Victor Matheson, College of the Holy Cross, Robert Baumann, College of the Holy Cross, and Bryan Engelhardt, College of the Holy Cross Labor Market Effects of the World Cup: A Sectoral Analysis Discussants: Christian Deutscher, University of Paderborn Ross Booth, Monash University Lionel Page, Queensland University of Technology

[41] Z301 11:00 a.m.–12:45 p.m. PEACE AND CONFLICT Chair: Wen-Hsien Liu, National Chung Cheng University Papers: John Mirikitani, Hallym University, and Steven J. Jordan, KAIST Globalization and ‘Rationalizable’ Tit-for-Tat: Kasmir and Jordan Dipanwita Sarkar, Queensland University of Technology, Jung Chul Park, Louisiana Tech University, and Jayanta Sarkar, Queensland University of Technology Does Anti-Americanism Affect US MNCs? Discussants: Watcharapong Ratisukpimol, University of Colorado, Boulder Chung Q. Tran, Australian National University

24 Wednesday, April 27

[42] Z308 11:00 a.m.–12:45 p.m. Contemporary Economic Policy Session WILDFIRES Organizers: Wade E. Martin, California State University, Long Beach, and Clevo I. Wilson, Queensland University of Technology Chair: Wade E. Martin, California State University, Long Beach Papers: Chris Eves, Queensland University of Technology Natural Disasters and Their Varying Impact on Residential Property Values Clevo I. Wilson, Queensland University of Technology, Wasantha Athukorala, Queensland University of Technology, and Wade E. Martin, California State University, Long Beach Do Residents in Bushfire Prone Areas Heed Warnings? A Hedonic Property Values Study Ingrid M. Martin, California State University, Long Beach, and Wade E. Martin, California State University, Long Beach Understanding the Risk Mitigation Decision: Homeowners and Wildfire Risks Discussants: from above participants

[43] Z305 11:00 a.m.–12:45 p.m. Contemporary Economic Policy Session FINANCIAL MARKETS: RISK, VOLATILITY, AND RESPONSES Organizer: Jack W. Hou, California State University, Long Beach Chair: John R. Graham, University of Calgary Papers: Ling Jiang, Southwestern University of Finance and Economics Causes of Global Imbalances: The Permanent Income-Life Cycle Hypothesis’ and International Division of Labor Perspective Chengsi Zhang, Renmin University of China China’s CPI: Cheating Price Inflation? Therese Quang, University of Paris West-Nanterre, and Jinzhao Chen, University of Paris West-Nanterre International Financial Integration and Economic Growth: New Evidence on Threshold Effects Discussants: Vinh Q. T. Dang, University of Macau Ling Jiang, Southwestern University of Finance and Economics Chengsi Zhang, Renmin University of China

[44] Z303 11:00 a.m.–12:45 p.m. Contemporary Economic Policy Session MURRAY DARLING RIVER SYSTEM Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Chloe Munro, National Water Commission Papers: Sarah Wheeler, University of South Australia, Henning Bjornlund, University of Lethbridge, and University of South Australia, Dustin Garrick, CSIRO, and University of South Australia, and Adam Loch, University of South Australia Options for Restructuring the ‘Restoring the Balance’ Scheme Alan Randall, Ohio State University, and University of Sydney The Murray Darling Basin Plan: Exploring the Rationale for Environmental Flows First M. Ejaz Qureshi, CSIRO, and Australian National University Economic Impact of Climate Change on Agriculture Sectors Productivity and Profitability in the Murray Darling Basin Douglas Fisher, Queensland University of Technology Murray Darling Basin Governance: The Focus of the Law Wednesday, April 27 25

Discussants: Sean Pascoe, CSIRO Jeff Connor, CSIRO Peter Grace, Queensland University of Technology Chloe Munro, National Water Commission

[45] Z411 12:50–2:15 p.m. Lunch and Keynote Address CONTROLLING GROWTH IN THE FINANCIAL SAFETY NET Introduction: Paul A. David, Stanford University Address: Edward J. Kane, Boston College

Sponsored by the School of Economics and Finance at the University of Western Sydney and by the Australian School of Business at the University of New South Wales [46] Z411 2:30–4:15 p.m. SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMICS OF SUSTAINABILITY Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales Chair: Mamta Chowdhury, University of Western Sydney Papers: Alison Sheridan, University of New England Grappling with Sustainability: Reflections on Embedding Sustainability in the Business Curriculum Maria Estella Varua, University of Western Sydney (Un)Sustainable Consumption in Australian Households Partha Gangopadhyay, University of Western Sydney (Un)Sustainable Development and Rural Poverty: Theoretical Conjectures and Lessons from a Field Study in India Discussants: to be announced

[47] Z301 2:30–4:15 p.m. CORRUPTION, TEMPTATION, AND PIRACY Chair: Chung Q. Tran, Australian National University Papers: Jason K. Hansen, Naval Postgraduate School, Robert M. McNab, Naval Postgraduate School, and Francois Melese, Naval Postgraduate School A Dynamic Approach to Managing Corruption: Exploring the Optimal Path of Audits and Oversight Watcharapong Ratisukpimol, University of Colorado, Boulder Explaining Modern Maritime Piracy: An Empirical Analysis Chung Q. Tran, Australian National University Temptation and Fiscal Policy Discussants: Dipanwita Sarkar, Queensland University of Technology Chung Q. Tran, Australian National University John Mirikitani, Hallym University

26 Wednesday, April 27

[48] Z309 2:30–4:15 p.m. FINANCIAL ECONOMETRICS I Organizer and Chair: Adam Clements, Queensland University of Technology Papers: Susan Thorp, University of Technology, Sydney Asset Market Linkages through the Phases of the Crisis Thijs van der Heijden, University of Melbourne Optimal Timing of Derivative Trades Jing Tian, University of Tasmania Financial Markets and Macroeconomic News Discussants: from above participants

[49] Z303 2:30–4:15 p.m. PRODUCTIVITY AND EFFICIENCY STUDIES Organizer and Chair: Boon L. Lee, Queensland University of Technology Papers: Antonio Peyrache, University of Queensland, and Alicia Rambaldi, University of Queensland A State-Space Approach to Measuring Productivity Christopher J. O’Donnell, University of Queensland Econometric Estimation of Distance Functions and Associated Measures of Productivity and Efficiency Change Euan Fleming, University of New England, Marc Jim M. Marian, Philippine Rice Research Institute, and Renato Andrin Villano, University of New England Decomposing Productivity Change in Philippine Rice Farming: A Non-Parametric Approach Discussants: Euan Fleming, University of New England Antonio Peyrache, University of Queensland Christopher J. O’Donnell, University of Queensland

[50] Z306 2:30–4:15 p.m. PATENTS AND INNOVATION Organizer and Chair: Uwe Dulleck, Queensland University of Technology Papers: Richard Jefferson, Queensland University of Technology, and Cambia A Case of Missing Economics Analysis: Uncertainty, Asymmetric Information and Its Effects on Innovation Dyuti S. Banerjee, Monash University Effects of Network Externality and Piracy on Innovation Uwe Dulleck, Queensland University of Technology Adding to the Patent Thicket—Over-patenting As a Strategic Device and the Need for More Transparency Discussants: from above participants

[51] Z302 2:30–4:15 p.m. FDI AND SPILLOVER Chair: Sasan Bakhtiari, University of New South Wales Papers: Wei-Long Lee, National Kaohsiung University of Applied Sciences, Yang Li, National University of Kaohsiung, and Chun- Yu Lin, National Kaohsiung University of Applied Sciences The Spillover Effects of Foreign Direct Investment: An Example of ASEAN Wen-Hsien Liu, National Chung Cheng University Determinants of FDI Inflows to China: An Empirical Analysis of Source Country Characteristics Wednesday, April 27 27

Sizhong Sun, James Cook University, Peter Drysdale, Australian National University, and Ligang Song, Australian National University Geographical Proximity and FDI Export Spillovers: Evidence from China Yu-Pei Hsu, Feng Chia University PRs Protection, FTAs, and Foreign Direct Investment: Evidence from Taiwan Discussants: Sung Hee Jun, Suncheon National University Kun-Ming Chen, National Chengchi University Wan Hua Lee, National University of Kaohsiung Anil V. Mishra, University of Western Sydney

[52] Z308 2:30–4:15 p.m. TOPICS ON ENVIRONMENTAL ECONOMICS Chair: John A. Janmaat, University of British Columbia Papers: Vincent Hoang, Queensland University of Technology Analysis of Variation in Environmental Efficiency: Revisited Shigeru Matsumoto, Aoyama Gakuin University The Opportunity Cost of Pro-Environmental Activities: Spending Time for Environment or Earning More Money Discussants: Venugopal Pingali, XLRI Jamshedpur Vincent Hoang, Queensland University of Technology

[53] Z305 2:30–4:15 p.m. Contemporary Economic Policy Session SECTORAL AND REGIONAL DIFFERENTIALS IN CHINA Organizers: Jack W. Hou, California State University, Long Beach, and John R. Graham, University of Calgary Chair: John R. Graham, University of Calgary Papers: Qing He, Renmin University of China, and Ning Zhang, Chinese University of Hong Kong Time Varying Volatility in Chinese Economy: A Regional Perspective Juan Yang, Beijing Normal University, Sylvie Demurger, Universite’ de Lyon, and Shi Li, Beijing Normal University Earnings Differentials between the Public and the Private Sectors in China: Explaining Changing Trends for Urban Locals in the 2000’s James Laurenceson, University of Queensland, and Christopher J. O’Donnell, University of Queensland New Estimates and a Decomposition of Provincial Productivity Change in China Discussants: James Laurenceson, University of Queensland Daniel Xiangyi Meng, Central University of Finance and Economics Qing He, Renmin University of China

[54] Z304 2:30–4:15 p.m. Contemporary Economic Policy Session WATER SCARCITY AND POLICY Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Tim Robinson, Queensland University of Technology Papers: M. Ejaz Qureshi, CSIRO, and Australian National University Water Scarcity in Australia and Impact on Global Food Security 28 Wednesday, April 27

John Williams, Natural Resources Commission of New South Wales Is Integrated Catchment Management Now a Possibility in NSW? Chloe Munro, National Water Commission to be announced Ellen Hanak, Public Policy Institute of California California’s Water Market Updated Discussants: Malcolm K. Wegener, University of Queensland Clement A. Tisdell, University of Queensland Douglas Fisher, Queensland University of Technology David L. Sunding, University of California, Berkeley

[55] Z309 4:30–6:15 p.m. FINANCIAL ECONOMETRICS II Organizer and Chair: Stan Hurn, Queensland University of Technology Papers: Andrew McClelland, Queensland University of Technology Quasi Maximum Likelihood Estimation of Jump Diffusions Jiti Gao, Monash University Trending Time Series and Financial Econometrics Chris Coleman-Fenn, Queensland University of Technology Forecasting Equicorrelation Discussants: from above participants

[56] Z301 4:30–6:15 p.m. MACROECONOMIC POLICY Chair: Ryan B. Edwards, University of Queensland Papers: Ashton de Silva, RMIT University, and Sinclair Davidson, RMIT University Has Government Intervention Worked? An Appraisal of Cash Handouts Ryan B. Edwards, University of Queensland, and Fabrizio Carmignani, University of Queensland Cross-border Fiscal Multipliers Neil Dias Karunaratne, University of Queensland The Policy Significance of Stylised Facts on Australia’s Potential Output and Productivity Discussants: Steve Keen, University of Western Sydney Makram El-Shagi, Halle Institute for Economic Research Saten Kumar, Auckland University of Technology Ashton de Silva, RMIT University

[57] Z302 4:30–6:15 p.m. EAST-WEST TRADE AND ITS IMPACT ON ECONOMIC GROWTH Organizer and Chair: Won W. Koo, North Dakota State University Papers: Won W. Koo, North Dakota State University, and Oleksiy Tokovenko, North Dakota State University The Role of Exchange Rate in Bilateral Trade between U.S. and China P. Lynn Kennedy, LSU AgCenter, Brian Hillbun, Louisiana State University, and YoungJae Lee, Louisiana State University A Determination of the Agricultural Trade Impacts of the US/ Australia Free Trade Agreement Xiangdong Qin, Shanghai Jiao Tong University The Role of Specialization and Trade: An Experimental Approach Wednesday, April 27 29

David Karemera, South Carolina State University, and Won W. Koo, North Dakota State University NAFTA, the Environment, and Impacts on Agricultural Exports and Trade Discussants: P. Lynn Kennedy, LSU AgCenter Xiangdong Qin, Shanghai Jiao Tong University Won W. Koo, North Dakota State University Yasuko Ishiguro, University of Hyogo

[58] Z308 4:30–6:15 p.m. THE BANKING INDUSTRY Chair: Yi-Ching Hsu, National University of Kaohsiung Papers: Yi-Ching Hsu, National University of Kaohsiung, and Yang Li, National University of Kaohsiung Efficiency Analysis of Banking Industry of Taiwan, Mainland China and Hong Kong: Perspectives of Capital Adequacy Ratios and Non-performing Loans Satya Paul, University of Western Sydney, and Ammar Jreisat, University of Western Sydney Productivity Change of Jordanian Banking Sector Based on Malmquist Productivity Index Ching-Lung Lo, National University of Kaohsiung, and Yang Li, National University of Kaohsiung Evaluating Performance of Economic Regions of Mainland China: Application of Directional Output Distance Function and Meta-Frontier Discussants: from above participants

[59] Z208 4:30–6:15 p.m. TECHNOLOGY, INNOVATION, AND DIFFUSION Chair: Petr Hanel, University of Sherbrooke Papers: Chiang-Ping Chen, National Central University, Jin-Li Hu, National Chia-Tung University, and Chih-Hai Yang, National Central University An International Comparison of R&D Productivity Change of Specific Innovative Outputs: Technical Progress or Efficiency Change? Petr Hanel, University of Sherbrooke, Anthony Roger Amichia, University of Sherbrooke, Jorge Niosi, University of Quebec, and Susan Reid, Bishop’s University International Diffusion of Biotechnology in Emerging Countries: Evidence from Patent and Trade Data Rodney W. Strachan, Australian National University, and Herman K. van Dijk, Erasmus University Evidence on a Real Business Cycle Model with Neutral and Investment-Specific Technology Shocks Using Bayesian Model Averaging Discussants: Petr Hanel, University of Sherbrooke Yu-Pei Hsu, Feng Chia University Chiang-Ping Chen, National Central University

[60] Z205 4:30–6:15 p.m. TOPICS ON INDUSTRIAL ORGANIZATION Chair: Madhu S. Mohanty, California State University, Los Angeles Papers: Simona Fabrizi, Massey University, Steffen Lippert, Massey University, Clemens Puppe, Karlsruhe Institute of Technology, and Stephanie Rosenkranz, Utrecht University Suggested Retail Prices with Downstream Competition 30 Wednesday, April 27

Sung Hee Jun, Suncheon National University, and Shi Young Lee, Chung-Ang University Does the Linder Hypothesis Hold for Service Trade? Yukihide Kurakawa, Tokyo Institute of Technology Vertical Structure in Power Industry When the Incumbent Has a Cost Advantage Vivek Pai, Charles River Associates, Inc., and Volodymyr Bilotkach, University of California, Irvine An Estimation of Hub Reliability Premium in the US Airline Industry Discussants: Friska Parulian, ERIA Massimiliano Tani, Macquarie University Madhu S. Mohanty, California State University, Los Angeles Yukihide Kurakawa, Tokyo Institute of Technology

[62] Z304 4:30–6:15 p.m. Contemporary Economic Policy Session TRADE-OFFS IN ENVIRONMENTAL AND IRRIGATION CARRY-OVER Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: John Quiggin, University of Queensland Papers: Jeff Connor, CSIRO, Sayed Iftekhar, University of Tasmania, Mac Kirby, CSIRO, and John Tisdell, University of Tasmania Trade-offs in Environmental and Irrigation Carry-Over: The Basic Model John Tisdell, University of Tasmania, Jeff Connor, CSIRO, Sayed Iftekhar, University of Tasmania, and Mac Kirby, CSIRO Trade-offs in Environmental and Irrigation Carry-Over: Strategic Behavioural Models and Results Jeff Connor, CSIRO, Sayed Iftekhar, University of Tasmania, Mac Kirby, CSIRO, and John Tisdell, University of Tasmania Trade-offs in Environmental and Irrigation Carry-Over and Water Trade Policy Discussants: David L. Sunding, University of California, Berkeley Ellen Hanak, Public Policy Institute of California John Quiggin, University of Queensland

[63] Z303 4:30–6:15 p.m. INFRASTRUCTURE, SERVICE PROVISION AND RELATED ISSUES Organizer: Clevo I. Wilson, Queensland University of Technology Chair: Jeremy Webb, Queensland University of Technology Papers: Jeremy Webb, Queensland University of Technology, Max Briggs, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Automotive Carbon Lock-In: A Study of Path Dependence and Lock-In Jessica Harris, Queensland University of Technology, Wasantha Athukorala, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Residential Demand for Electicity: An Australian Perspective Wednesday, April 27 31

Wasantha Athukorala, Queensland University of Technology, Premawansa Dissanayake, Queensland University of Technology, Peter Grace, Queensland University of Technology, Mike Heffernan, University of the Sunshine Coast, Oshan Manawadu, Queensland University of Technology, Evonne Miller, Queensland University of Technology, Prasad Neelawela, Queensland University of Technology, Tony Sahama, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Forecasting Population Changes and Service Requirements in the Regions: A Study of Two Regional Councils in Queensland, Australia Discussants: to be announced

QUT Welcome Reception — Z1064 6:30–8:00 p.m.

Thursday, April 28

Registration and Coffee 8:30 a.m. Refreshments will be available throughout the day in the Z block foyer.

Sponsored by the School of Economics and Finance at the University of Western Sydney and by the Australian School of Business at the University of New South Wales [64] Z411 9:00–10:45 a.m. SESSIONS IN HONOUR OF MURRAY KEMP: DEVELOPMENT AND MIGRATION Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales Chair: Partha Gangopadhyay, University of Western Sydney Papers: Masayuki Okawa, Ritsumeikan University The Optimal Tariff Policy and Endogenous Location Choice Mamta Chowdhury, University of Western Sydney Remittances Flow and Financial Development in Bangladesh Arlene Ozanne, University of Otago The Economic Impact of the International Migration of Health Workers: Sustainable Development of the Philippines and Emigration Discussants: to be announced

[65] Z205 9:00–10:45 a.m. QUANTITATIVE AND EXPERIMENTAL METHODS IN FINANCIAL ECONOMICS Chair: to be announced Papers: Keith Cuthbertson, City University London, and Dirk Nitzsche, City University London Performance, Stock Selection and Market Timing: German Mutual Fund Industry 32 Thursday, April 28

Dirk Nitzsche, City University London, and Keith Cuthbertson, City University London Winners and Losers: German Equity Mutual Funds Nicolae Adrian Stoian, California State University, East Bay Public Messages and Asset Prices Discussants: from above participants

[66] Z302 9:00–10:45 a.m. THRESHOLD CONCEPTS IN ECONOMICS EDUCATION—THEORY AND PRACTICE Organizer and Chair: Tommy Tang, Queensland University of Technology Papers: Ross S. Guest, Griffith University Threshold Concepts in Economics: What, Why and How? Rod O’Donnell, University of Technology, Sydney Critique of the Threshold Concept Hypothesis Mary R. Hedges, University of Auckland Embedding Threshold Concepts: Use of a Practice-Theory- Practice Cycle Discussants: Tim Robinson, Queensland University of Technology Tommy Tang, Queensland University of Technology

[67] Z208 9:00–10:45 a.m. NEW TALES OF GROWTH Organizers: Eduard H. Hochreiter, Joint Vienna Institute, and Thorvaldur Gylfason, University of Iceland Chair: Thorvaldur Gylfason, University of Iceland Papers: Sven W. Arndt, Claremont McKenna College Open-economy Macro Adjustment among US, Euroland and China Johannes W. Fedderke, Pennsylvania State University Comparative of the Indian and Chinese Manufacturing Sectors Thorvaldur Gylfason, University of Iceland, and Eduard H. Hochreiter, Joint Vienna Institute Growing Together: Croatia and Latvia Alfred Sitz, Vienna University of Economics and Business From PLUS 2 to MINUS 18 Percent: Why Did European Economies Experience Such Different Impacts of the Recent Financial Crisis Discussants: to be announced

[68] Z301 9:00–10:45 a.m. OIL PRICES, VOLATILITY, PORTFOLIOS Chair: Fardous Alom, Lincoln University Papers: Fardous Alom, Lincoln University, Baiding Hu, Lincoln University, and Bert D. Ward, Lincoln University Asymmetric GARCH Models of Oil Price Volatility Wei-han Liu, La Trobe University Portfolio Value-at-Risk Estimation for Oil Spot Prices and Their Futures—Incorporating a Reexamination of Maturity Effect Discussants: Ronald A. Ratti, University of Western Sydney Roger Ham, University of Western Sydney

[69] Z308 9:00–10:45 a.m. PUBLIC POLICY ISSUES Chair: Jane E. Ruseski, University of Alberta Thursday, April 28 33

Papers: Jacob A. Bikker, De Nederlandsche Bank, Onno W. Steenbeek, Erasmus University, and All Pensions Group, and Federico Torracchi, De Nederlandsche Bank The Impact of Scale, Complexity, and Service Quality on the Administrative Costs of Pension Funds: A Cross-Country Comparison Yang Li, University of Queensland, Kam Ki Tang, University of Queensland, and Jie Zhang, National University of Singapore Heterogeneous Health and Capital Endowments with Involuntary Retirement and Public Policy Friska Parulian, ERIA, and Mukul G. Asher, National University of Singapore Civil Service Pensions in Middle Income Countries: Current Arrangement, Issues and Reform Direction Discussants: Kazuki Onji, Australian National University Nara F. Monkam, University of Pretoria Siew Ling Yew, Monash University

[70] Z306 9:00–10:45 a.m. ECONOMETRIC MEASUREMENTS APPLICABLE TO STOCK INVESTORS, CORPORATIONS, AND GOVERNMENT Chair: Rashmi Umesh Arora, Griffith University Papers: Chia-Jui Chang, Chung Yuan Christian University, Sheng- Chieh Pan, China University of Technology, Meng-Hua Tsai, Chung Yuan Christian University, Po-Chin Wu, Chung Yuan Christian University, and Huei-Ping Zeng, Chung Yuan Christian University Cash Flow at Risk in Operating, Investing and Financing Activities: Evidence from the Companies in the Taiwan 50 Index Shiao-Yen Liu, Chung Yuan Christian University, Chiung-Wen Fan, Nanya Institute of Technology, Sheng-Chieh Pan, China University of Technology, and Po-Chin Wu, Chung Yuan Christian University The Performance Evaluation of OECD Countries: A Consideration of Undesirable Outputs Chia-Jui Peng, Chung Yuan Christian University, Yen-Yuan Lai, Chung Yuan Christian University, Shiao-Yen Liu, Chung Yuan Christian University, Po-Chin Wu, Chung Yuan Christian University, and Chien-Wen Yang, Chung Yuan Christian University Nonlinear Adjustment and Arbitrage Region of Stock Price—An Extensive Application of the Ohlson Model Wan Hua Lee, National University of Kaohsiung, and Yang Li, National University of Kaohsiung Study of Operating Performances and Investment Strategies of Mainland China’s Subsidiaries of Taiwan Discussants: Shamila A. Jayasuriya, Ohio University Jae Kim, La Trobe University Chia-Jui Chang, Chung Yuan Christian University Chun-Yu Lin, National Kaohsiung University of Applied Sciences

[71] Z309 9:00–10:45 a.m. ISSUES IN AGRICULTURAL PRODUCTION IN DEVELOPING COUNTRIES Organizer: Clevo I. Wilson, Queensland University of Technology Chair: Sean Pascoe, CSIRO 34 Thursday, April 28

Papers: Kularatne G. Mohottala-Gedara, Queensland University of Technology, Sean Pascoe, CSIRO, Tim Robinson, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Factors Influencing Efficient Allocation of Water for Reservoir- based Agricultural Production in Sri Lanka K. M. R. Muditha Karunarathna, Queensland University of Technology, Tim Robinson, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Components of Agricultural Biodiversity and Farm Level Technical Efficiency: An Empirical Investigation Wasantha Athukorala, Queensland University of Technology, Tim Robinson, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Pesticide Use in Agriculture and Its Impact on Farm Level Inefficiency: Evidence from Sri Lanka Discussants: Jason K. Hansen, Naval Postgraduate School Euan Fleming, University of New England George Antony, Queensland Department of Employment, Economic Development and Innovation

[72] Z304 9:00–10:45 a.m. Contemporary Economic Policy Session FLOODS AND WATER SCARCITY Organizer: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Chair: Rosalind Bark, CSIRO Papers: Azusa Okagawa, National Institute for Environmental Studies, and Akira Hibiki, National Institute for Environmental Studies Flood Risk Management under Climate Change Ellen Hanak, Public Policy Institute of California Flood Insurance Demand Peter Sutherland, GHD Lessons from Two Decades of Water Reform in Australia: Facing a Scarce Water Future Discussants: Shigeru Matsumoto, Aoyama Gakuin University Jeremy Webb, Queensland University of Technology Douglas Fisher, Queensland University of Technology

[73] Z303 9:00–10:45 a.m. Contemporary Economic Policy Session EDUCATIONAL ACHIEVEMENT AND COMPENSATION Organizer and Chair: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Papers: Peter Elias, University of Warwick, and Kate Purcell, University of Warwick Higher Education, Intergenerational Mobility and Earnings: The Case of the UK Sarah Crichton, New Zealand Department of Labour, and Sylvia Dixon, New Zealand Department of Labour The Labour Market Returns to Further Education for Working Adults Alvaro A. Comin, University of Sao Paulo The Impact of Higher Education Expansion on Labor Markets and Economic Restructuring in Brazil Ian W. Li, University of Western Australia, Elisa R. Birch, University of Western Australia, and Anu Rammohan, University of Western Australia The Gender-Wage Gap in Graduate Earnings: A Quantile Regression Approach Thursday, April 28 35

Discussants: Sarah Crichton, New Zealand Department of Labour Ian W. Li, University of Western Australia Tiago Freire, National University of Singapore Dipanwita Sarkar, Queensland University of Technology

Sponsored by the School of Economics and Finance at the University of Western Sydney and by the Australian School of Business at the University of New South Wales [74] Z411 11:00 a.m.–12:45 p.m. SESSIONS IN HONOUR OF MURRAY KEMP: ECONOMICS OF RIVALRY AND PARTNERSHIPS Organizers: Partha Gangopadhyay, University of Western Sydney, and Binh Tran-Nam, University of New South Wales Chair: Maria Estella Varua, University of Western Sydney Papers: Kenji Fujiwara, Kwansei Gakuin University Welfare Implications of Leadership in a Resource Market under Bilateral Monopoly Vijay Mohan, Deakin University, and Bharat R. Hazari, City University of Hong Kong Tax Policy When Countries Compete for Exports: A Simple Ricardian-Hotelling Model Robert F. Owen, University of Nantes, and Partha Gangopadhyay, University of Western Sydney Can Market Access Costs in the Absence of Sunk Costs Be a Source of Collusion in Vertical Markets? Masahiro Kawai, Asian Development Bank Institute, Biswa Nath Bhattacharyay, Asian Development Bank Institute, and Kakali Mukhopadhyay, McGill University Forging Economic Partnership between India and Japan: Prospects and Challenges Discussants: to be announced

[75] Z205 11:00 a.m.–12:45 p.m. MONETARY ECONOMICS AND POLICY Chair: Ashton de Silva, RMIT University Papers: Makram El-Shagi, Halle Institute for Economic Research, and Sebastian Giesen, Halle Institute for Economic Research Money and Inflation: The Role of Persistent Velocity Movements Steve Keen, University of Western Sydney Are We ‘It’ Yet? A Monetary Minsky Model of the Great Moderation and Recession Saten Kumar, Auckland University of Technology, Scott Fargher, Auckland University of Technology, and Don J. Webber, Auckland University of Technology Money Demand Stability: A Case of Nigeria Discussants: Ryan B. Edwards, University of Queensland Neil Dias Karunaratne, University of Queensland Makram El-Shagi, Halle Institute for Economic Research

[76] Z208 11:00 a.m.–12:45 p.m. FINANCE AND TRADE IN INTERNATIONAL ECONOMICS Chair: Chia-Jui Peng, Chung Yuan Christian University 36 Thursday, April 28

Papers: Rashmi Umesh Arora, Griffith University, and Nicholas Rohde, Griffith University Finance and Inequality in South Asia Joze Damijan, University of Ljubljana, Crt Kostevc, University of Ljubljana, and Matija Rojec, University of Ljubljana Learning from Trade through Innovation: Causal Link between Imports, Exports and Innovation in Spanish Microdata Yasuko Ishiguro, University of Hyogo A Krugman-type Core-Periphery Model with Financial Assets— Structure and Stability of Equilibria Discussants: Keith Cuthbertson, City University London Dirk Nitzsche, City University London

[77] Z302 11:00 a.m.–12:45 p.m. STOCK MARKET AND REGULATION Chair: Shamila A. Jayasuriya, Ohio University Papers: Shamila A. Jayasuriya, Ohio University Stock Market Correlations between China and Its Neighbors Jae Kim, La Trobe University, Kiam Ping Lim, Universiti Malaysia Sabah, and Abul Shamsuddin, University of Newcastle Stock Return Predictability and the Adaptive Markets Hypothesis: Evidence from Century-Long U.S. Data Discussants: Nicolae Adrian Stoian, California State University, East Bay Jae Kim, La Trobe University

[78] Z306 11:00 a.m.–12:45 p.m. IMPLICATIONS OF TAX POLICY FOR REVENUE GENERATION, WELFARE, AND POPULATION GROWTH Chair: Jacob A. Bikker, De Nederlandsche Bank Papers: Nara F. Monkam, University of Pretoria Mobilising Tax Revenue to Finance Development: The Case for Property Taxation in Francophone Africa Siew Ling Yew, Monash University, and Jie Zhang, National University of Singapore Golden-rule Social Security and Public Health in a Dynastic Model with Endogenous Longevity and Fertility Discussants: Jane E. Ruseski, University of Alberta Yang Li, University of Queensland

[79] Z308 11:00 a.m.–12:45 p.m. PRODUCTIVITY, OUTSOURCING, AND COMPETITION Chair: Vivek Pai, Charles River Associates, Inc. Papers: Sasan Bakhtiari, University of New South Wales Productivity, Size and Outsourcing: Theory and Evidence from Australian Manufacturing Wen-Jung Liang, Tamkang University, Pei-Ling Chen, National Taipei University, and Yen-Ju Lin, Fo Guang University Lobby Competition and Standardization Union Madhu S. Mohanty, California State University, Los Angeles Effects of Positive Attitude on Productivity: A Theoretical Analysis Massimiliano Tani, Macquarie University Knowledge Flows across Organisations: The Role of Business Visits Thursday, April 28 37

Discussants: Vivek Pai, Charles River Associates, Inc. Simona Fabrizi, Massey University Wen-Jung Liang, Tamkang University Sasan Bakhtiari, University of New South Wales

[80] Z301 11:00 a.m.–12:45 p.m. ISSUES ON OIL PRICE SHOCKS, STOCK PRICES, AND CARBON PRICE Organizer and Chair: Ronald A. Ratti, University of Western Sydney Papers: Harminder Singh, Deakin University, and Mohan Nandha, Monash University Short- and Long-Run Oil Price Sensitivity of Chinese Stocks Roger Ham, University of Western Sydney, and Kyung Hwan Yoon, University of Western Sydney Oil Futures and Carbon Prices: Instability and Spillover Ronald A. Ratti, University of Western Sydney, Wensheng Kang, Kent State University, and Kisok Lee, Kyung Hee University Stock Price Volatility, Oil Price Shocks and Investment Discussants: Fardous Alom, Lincoln University Harminder Singh, Deakin University Wei-han Liu, La Trobe University

[81] Z309 11:00 a.m.–12:45 p.m. STUDIES INVOLVING ENVIRONMENTAL VALUATION TECHNIQUES Organizer: Clevo I. Wilson, Queensland University of Technology Chair: Wasantha Athukorala, Queensland University of Technology Papers: Clevo I. Wilson, Queensland University of Technology, Wasantha Athukorala, Queensland University of Technology, and Dan Carter, Redland City Council The Presence of Koalas in Neighbourhoods and Property Values: A Hedonic Property Values Study Wasantha Athukorala, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Health Benefits of Reducing Industrial Air Pollution: A Comparison of Willingness to Accept Compensation and Cost of Illness Estimates Prasad Neelawela, Queensland University of Technology, Wasantha Athukorala, Queensland University of Technology, and Clevo I. Wilson, Queensland University of Technology Impact of Mining Activities on Property Values Discussants: John A. Janmaat, University of British Columbia Jane V. Hall, California State University, Fullerton Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Tony Sahama, Queensland University of Technology

[82] Z304 11:00 a.m.–12:45 p.m. Contemporary Economic Policy Session ENVIRONMENTAL WATER GOVERNANCE: DESIGN PRINCIPLES AND IMPLEMENTATION LESSONS Organizer: Dustin Garrick, CSIRO, and University of South Australia Chair: Jeff Connor, CSIRO Papers: Lin Crase, La Trobe University Observations about Managing Environmental Water Reserves in Australia 38 Thursday, April 28

Dustin Garrick, CSIRO, and University of South Australia, Rosalind Bark, CSIRO, and Jeff Connor, CSIRO Nested Arrangements for Environmental Water Governance in the Southern Connected Murray Erin O’Donnell, University of Melbourne A New Approach to Environmental Water Governance in Victoria Discussants: Sarah Wheeler, University of South Australia Ellen Hanak, Public Policy Institute of California Rosalind Bark, CSIRO

[83] Z305 11:00 a.m.–12:45 p.m. Contemporary Economic Policy Session ECONOMIC ANALYSIS Organizer: Jack W. Hou, California State University, Long Beach Chair: James Laurenceson, University of Queensland Papers: Jack W. Hou, California State University, Long Beach, Qun Bao, Nankai University, and Min Shao, Nankai University How Do Firms’ Export Decision Affect Employee Income? Evidence from China’s Firm Level Data Daniel Xiangyi Meng, Central University of Finance and Economics, and Yan Guo, Peking University Public vs. Private R&D at the Firm Level: Evidence from One High-tech Park in China John R. Graham, University of Calgary, and Marion E. Jones, University of Regina Human and Social Capital for Vulnerable Populations: Insight from Employed People Experiencing Homelessness Discussants: Qing He, Renmin University of China Therese Quang, University of Paris West-Nanterre Jack W. Hou, California State University, Long Beach

[84] Z411 12:50–2:15 p.m. Lunch and Keynote Address SLOWLY APPROACHING ECONOMIC CATASTROPHES: THEN, NOW, ... AND NEXT? Introduction: Darwin C. Hall, California State University, Long Beach, and Western Economic Association International Address: Paul A. David, Stanford University

Barefoot Bowls & Sunset BBQ 2:30 p.m. Advance ticket purchase required. Tickets and directions are included in your registration packet.

39 Friday, April 29

Registration and Coffee — Z block foyer 8:30 a.m.

WEAI conference registrants are invited to attend this symposium free of charge.

SYMPOSIUM ON THE ECONOMIC DIMENSIONS OF FLOODS AND NATURAL DISASTERS Organized by the Australian Agricultural and Resource Economics Society

[Session I] Z411 9:00–10:45 a.m. Organizer: Malcolm K. Wegener, University of Queensland Chair: Tim Robinson, Queensland University of Technology Opening: Major General Mick Slater, Chair, Queensland Reconstruction Authority Papers: John Rolfe, Central Queensland University and Malcolm K. Wegener, University of Queensland Damage and Losses from Flooding and Cyclones in Southeast, Central, and North Queensland Speaker from Emergency Management Queensland The Government’s Strategy for Handling Natural Disasters—The National Strategy for Disaster Resilience

[Session 2] Z411 11:00 a.m.–12:45 p.m. Organizer: Malcolm K. Wegener, University of Queensland Chair: Tim Robinson, Queensland University of Technology Papers: John Freebairn, Melbourne University A Framework for Economic Decisions Dealing with Natural Disasters John Quiggin, University of Queensland Accounting for Natural Disasters: The Impact on the National Accounts Russell Gorddard, CSIRO Sustainable Ecosystems, Canberra New Approaches to Insurance

Lunch Break — Z block foyer 12:45–2:00 p.m.

[Session 3] Z411 2:00–3:30 p.m. Organizer: Malcolm K. Wegener, University of Queensland Chair: Tim Robinson, Queensland University of Technology Papers: Zvi Hochman, CSIRO Sustainable Ecosystems Adaption Strategies for Primary Industries: Coping with Extreme Weather Events Paul Barnes, Queensland University of Technology New Approaches to National Risk Assessment and Disaster Mitigation Ed Blakely, Sydney University Repositioning the Economy after Natural Disasters (with a focus on peri-urban and rural areas)

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